Refinance - Ned Kuruc | Trusted Local Mortgage Agent

Mortgage Refinance

We are laser-focused on approving mortgage refinances for these reasons or any other reason in a simple, no-nonsense way, at the absolute best rate.

As a leading Canadian Mortgage Broker having worked with hundreds of mortgage refinance transactions. Feel free to connect for a no-obligation conversation, at any time.

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How a Mortgage Refinance Works

1. Determine approximately how much your home is worth.

2. What is 80% of the approximate value of your home?

This number is 80% approximately how much we have to work with on your refinance, because 80% is usually the maximum mortgage amount on a home.

3. How much balance is left owing on your existing mortgage?

4. Subtract how much is owing on your existing mortgage from the 80% value of your home (the first thing we need to do is pay out your existing mortgage).

5. The result is how much additional home equity you will have leftover to work with.

6. You can use this additional home equity to pay out debts, renovate, invest or whatever else you’d like to do. You do NOT have to use the full equity amount available.

Why Refinance your Mortgage? Here are the top tips for each refinance options

Early closure of the current mortgage: You can opt to close your current mortgage early by paying off the mortgage and any other debts against the property, then taking out a new mortgage with more suitable rates and terms.
Add a home equity line of credit HELOC: This option allows you to borrow as much as 65% against the equity on your home through a home-equity line of credit (HELOC). You use what you need and pay interest only on the amount you have borrowed. You can pay back and borrow from the HELOC as required. You can get a HELOC in addition to your existing mortgage without needing to pay prepayment penalties or break your mortgage.
Blend and extend: Some lenders allow for a renegotiation of your interest rates before the end of your mortgage term. Also called early renewal, this option blends current rates with existing rates, resulting in a lower number. This allows you to enjoy a lower rate during the extension of your existing mortgage term while also saving on prepayment fees.
Adjust your amortization period: You can also opt to shorten your amortization period to save thousands of dollars over time if your current financial situation permits. Another option is extending your amortization period in favor of reducing your monthly payouts.